LOGO

  FEBRUARY 28, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares MSCI Brazil Small-Cap ETF | EWZS | NASDAQ

 

·  

iShares MSCI China ETF | MCHI | NASDAQ

 

·  

iShares MSCI China Small-Cap ETF | ECNS | NYSE Arca

 

·  

iShares MSCI Indonesia ETF | EIDO | NYSE Arca

 

·  

iShares MSCI Peru ETF | EPU | NYSE Arca

 

·  

iShares MSCI Philippines ETF | EPHE | NYSE Arca

 

·  

iShares MSCI Poland ETF | EPOL | NYSE Arca

 

·  

iShares MSCI Qatar ETF | QAT | NASDAQ

 

·  

iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

 

·  

iShares MSCI UAE ETF | UAE | NASDAQ


The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2023

 

 
     
     6-Month     12-Month 
   

U.S. large cap equities
(S&P 500® Index)

    1.26 %        (7.69 )%   
   

U.S. small cap equities
(Russell 2000® Index)

    3.63       (6.02
   

International equities
(MSCI Europe, Australasia, Far East Index)

    12.58       (3.14
   

Emerging market equities
(MSCI Emerging Markets Index)

    (2.29     (15.28
   

3-month Treasury bills
(ICE BofA 3-Month
U.S. Treasury Bill Index)

    1.74       2.11  
   

U.S. Treasury securities
(ICE BofA 10-Year U.S. Treasury Index)

    (4.81     (14.06
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

    (2.13     (9.72
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    0.66       (5.10
   

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

    2.52       (5.45

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

 

2  

T H I S    P A G E    I S    N O T    P A R T    O F    Y O U R    F U N D    R E P O R T


Table of Contents

 

      Page  

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     14  

Disclosure of Expenses

     14  

Schedules of Investments

     15  

Financial Statements

  

Statements of Assets and Liabilities

     52  

Statements of Operations

     55  

Statements of Changes in Net Assets

     58  

Financial Highlights

     63  

Notes to Financial Statements

     73  

Statement Regarding Liquidity Risk Management Program

     83  

Supplemental Information

     84  

General Information

     85  

Glossary of Terms Used in this Report

     86  

 

 

 


Fund Summary as of February 28, 2023    iShares® MSCI Brazil Small-Cap ETF

 

Investment Objective

The iShares MSCI Brazil Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Brazilian equities, as represented by the MSCI Brazil Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (13.30 )%       (17.71 )%       (5.10 )%      (5.83 )%         (17.71 )%       (23.02 )%       (45.14 )% 

Fund Market

    (13.15      (19.02      (5.24     (5.90        (19.02      (23.58      (45.56

Index

    (13.18      (17.40      (4.32     (5.27              (17.40      (19.83      (41.80

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning

Account Value

(09/01/22)

      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During

the Period

 
 

(a) 

      

Annualized
Expense
Ratio
 
 
 
      $      1,000.00          $      867.00          $       2.73         $       1,000.00        $     1,021.90          $       2.96          0.59

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Industrials

    18.7

Consumer Discretionary

    17.9  

Utilities

    13.1  

Consumer Staples

    12.7  

Materials

    11.8  

Real Estate

    8.7  

Health Care

    5.5  

Energy

    4.7  

Information Technology

    4.3  

Financials

    2.6  

 

  (a) 

Excludes money market funds.

TEN LARGEST HOLDINGS

 

   

Security

   

Percent of

Total Investments

 

(a) 

Embraer SA

    4.6

Metalurgica Gerdau SA (Preferred)

    3.3  

Transmissora Alianca de Energia Eletrica SA

    2.9  

Aliansce Sonae Shopping Centers SA

    2.8  

Multiplan Empreendimentos Imobiliarios SA

    2.8  

Bradespar SA (Preferred)

    2.8  

3R Petroleum Oleo E Gas SA

    2.6  

Cielo SA

    2.3  

SLC Agricola SA

    2.3  

EDP - Energias do Brasil SA

    2.0  

 

 

4  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of February 28, 2023    iShares® MSCI China ETF

 

Investment Objective

The iShares MSCI China ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, as represented by the MSCI China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (2.44 )%       (16.57 )%       (5.96 )%      1.92        (16.57 )%       (26.47 )%       20.95

Fund Market

    (2.26      (16.65      (5.77     1.93          (16.65      (25.72      21.10  

Index

    (2.83      (16.14      (5.49     2.44                (16.14      (24.58      27.28  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending
Account Value

(02/28/23)

 
 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(09/01/22)

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      975.60          $       2.89         $       1,000.00        $     1,021.90          $       2.96          0.59

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Consumer Discretionary

    29.3

Communication Services

    19.0  

Financials

    15.7  

Health Care

    6.3  

Information Technology

    6.1  

Consumer Staples

    5.7  

Industrials

    5.5  

Materials

    3.7  

Real Estate

    3.5  

Energy

    2.6  

Utilities

    2.6  

 

  (a) 

Excludes money market funds.

TEN LARGEST HOLDINGS

 

   

Security

   

Percent of

Total Investments

 

(a) 

Tencent Holdings Ltd.

    13.3

Alibaba Group Holding Ltd.

    7.9  

Meituan, Class B

    4.3  

China Construction Bank Corp., Class H

    2.9  

JD.com Inc., Class A

    2.3  

Pinduoduo Inc.

    2.2  

Ping An Insurance Group Co. of China Ltd., Class H

    2.1  

Baidu Inc.

    1.9  

NetEase Inc.

    1.5  

Bank of China Ltd., Class H

    1.4  

 

 

U N D    U M M A R Y

  5


Fund Summary as of February 28, 2023    iShares® MSCI China Small-Cap ETF

 

Investment Objective

The iShares MSCI China Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Chinese equities that are available to international investors, as represented by the MSCI China Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    5.67      (14.05 )%       (3.21 )%      1.80        (14.05 )%       (15.04 )%       19.49

Fund Market

    6.20        (14.57      (3.10     1.78          (14.57      (14.58      19.27  

Index

    4.93        (14.46      (5.18     0.24                (14.46      (23.36      2.44  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(09/01/22)

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      1,056.70          $       3.01         $       1,000.00        $     1,021.90          $       2.96          0.59

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Health Care

    20.0

Consumer Discretionary

    15.1  

Real Estate

    13.5  

Information Technology

    10.8  

Industrials

    9.8  

Materials

    7.8  

Communication Services

    7.3  

Financials

    6.6  

Utilities

    3.9  

Consumer Staples

    3.8  

Energy

    1.4  

 

  (a) 

Excludes money market funds.

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

JinkoSolar Holding Co. Ltd.

    2.3

International Alliance Financial Leasing Co. Ltd.

    1.9  

HUTCHMED China Ltd.

    1.6  

Lifetech Scientific Corp.

    1.4  

Hello Group Inc.

    1.4  

Jinxin Fertility Group Ltd.

    1.3  

Keymed Biosciences Inc.

    1.3  

Weimob Inc.

    1.2  

China Education Group Holdings Ltd.

    1.1  

RLX Technology Inc.

    1.0  

 

 

6  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of February 28, 2023    iShares® MSCI Indonesia ETF

 

Investment Objective

The iShares MSCI Indonesia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Indonesian equities, as represented by the MSCI Indonesia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (3.34 )%       (2.91 )%       (2.72 )%      (2.31 )%         (2.91 )%       (12.87 )%       (20.84 )% 

Fund Market

    (2.60      (3.54      (2.56     (2.31        (3.54      (12.15      (20.86

Index

    (3.36      (1.97      (2.17     (1.80              (1.97      (10.41      (16.61

Index performance through May 28, 2019 reflects the performance of MSCI Indonesia Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Indonesia IMI 25/50 Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending

Account Value

(02/28/23)

 

 

 

      


Expenses

Paid During
the Period

 


(a) 

     

Beginning

Account Value

(09/01/22)

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      966.60          $       2.88         $       1,000.00        $     1,021.90          $       2.96          0.59

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    45.3

Consumer Staples

    11.3  

Materials

    11.0  

Communication Services

    9.2  

Energy

    7.7  

Consumer Discretionary

    6.7  

Health Care

    3.3  

Real Estate

    2.3  

Industrials

    1.9  

Utilities

    1.1  

Information Technology

    0.2  

 

  (a) 

Excludes money market funds.

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Bank Central Asia Tbk PT

    19.8

Bank Rakyat Indonesia Persero Tbk PT

    12.5  

Telkom Indonesia Persero Tbk PT

    6.8  

Bank Mandiri Persero Tbk PT

    6.1  

Astra International Tbk PT

    4.1  

Bank Negara Indonesia Persero Tbk PT

    3.4  

Kalbe Farma Tbk PT

    2.5  

Merdeka Copper Gold Tbk PT

    2.4  

Adaro Energy Indonesia Tbk PT

    2.4  

Charoen Pokphand Indonesia Tbk PT

    2.2  

 

 

U N D    U M M A R Y

  7


Fund Summary as of February 28, 2023    iShares® MSCI Peru ETF

 

Investment Objective

The iShares MSCI Peru ETF (the “Fund”) seeks to track the investment results of an index composed of Peruvian equities, as represented by the MSCI All Peru Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On March 29, 2023, the Board approved a proposal to change the name of MSCI Peru to MSCI Peru and Global Exposure as well as the Fund’s investment objective. These changes became effective on April 10, 2023.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    17.02      (10.43 )%       (4.16 )%      (1.77 )%         (10.43 )%       (19.12 )%       (16.35 )% 

Fund Market

    16.16        (12.05      (4.23     (1.91        (12.05      (19.44      (17.55

Index

    17.28        (9.87      (3.91     (1.30              (9.87      (18.08      (12.23

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(09/01/22)

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      1,170.20          $       3.17         $       1,000.00        $     1,021.90          $       2.96          0.59

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Materials

    47.8

Financials

    26.7  

Consumer Staples

    8.1  

Consumer Discretionary

    5.3  

Industrials

    4.6  

Energy

    2.8  

Real Estate

    2.7  

Utilities

    2.0  

 

  (a) 

Excludes money market funds.

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Credicorp Ltd.

    22.5

Southern Copper Corp.

    22.3  

Cia. de Minas Buenaventura SAA

    4.7  

Alicorp SAA

    4.2  

Ferreycorp SAA

    3.7  

Sociedad Minera Cerro Verde SAA

    3.5  

InRetail Peru Corp.

    2.9  

PetroTal Corp.

    2.8  

Falabella SA

    2.7  

Parque Arauco SA

    2.7  

 

 

8  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of February 28, 2023    iShares® MSCI Philippines ETF

 

Investment Objective

The iShares MSCI Philippines ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Philippine equities, as represented by the MSCI Philippines IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    0.77      (16.66 )%       (5.26 )%      (3.21 )%         (16.66 )%       (23.69 )%       (27.81 )% 

Fund Market

    1.31        (18.53      (5.22     (3.24        (18.53      (23.50      (28.06

Index

    0.92        (15.93      (4.56     (2.52              (15.93      (20.81      (22.50

Index performance through November 30, 2020 reflects the performance of the MSCI Philippines Investible Market Index (IMI). Index performance beginning on December 1, 2020 reflects the performance of the MSCI Philippines IMI 25/50 Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(09/01/22)

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      1,007.70          $       2.94         $       1,000.00        $     1,021.90          $       2.96          0.59

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Industrials

    28.4

Financials

    20.7  

Real Estate

    20.3  

Consumer Staples

    9.9  

Consumer Discretionary

    7.5  

Communication Services

    5.7  

Utilities

    5.4  

Energy

    1.1  

Materials

    1.0  

 

  (a) 

Excludes money market funds.

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

SM Prime Holdings Inc.

    11.5

BDO Unibank Inc.

    8.3  

Ayala Land Inc.

    5.9  

SM Investments Corp.

    5.9  

Bank of the Philippine Islands

    4.9  

International Container Terminal Services Inc.

    4.5  

Ayala Corp.

    4.2  

PLDT Inc.

    4.0  

JG Summit Holdings Inc.

    4.0  

Jollibee Foods Corp.

    3.9  

 

 

U N D    U M M A R Y

  9


Fund Summary as of February 28, 2023    iShares® MSCI Poland ETF

 

Investment Objective

The iShares MSCI Poland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Polish equities, as represented by the MSCI Poland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    27.62      (9.81 )%       (8.08 )%      (3.09 )%         (9.81 )%       (34.39 )%       (26.95 )% 

Fund Market

    27.86        (9.59      (7.99     (3.07        (9.59      (34.05      (26.79

Index

    27.85        (10.21      (7.98     (2.88              (10.21      (34.01      (25.31

Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(09/01/22)

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      1,276.20          $       3.33         $       1,000.00        $     1,021.90          $       2.96          0.59

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    39.9

Energy

    16.7  

Consumer Discretionary

    12.7  

Materials

    7.6  

Communication Services

    7.4  

Consumer Staples

    5.3  

Utilities

    4.6  

Information Technology

    3.0  

Industrials

    2.1  

Health Care

    0.7  

 

  (a) 

Excludes money market funds.

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Polski Koncern Naftowy ORLEN SA

    16.7

Powszechna Kasa Oszczednosci Bank Polski SA

    10.6  

Powszechny Zaklad Ubezpieczen SA

    8.6  

Bank Polska Kasa Opieki SA

    6.4  

Dino Polska SA

    4.6  

KGHM Polska Miedz SA

    4.3  

Santander Bank Polska SA

    4.3  

Allegro.eu SA

    4.2  

LPP SA

    4.1  

CD Projekt SA

    3.5  

 

 

10  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of February 28, 2023    iShares® MSCI Qatar ETF

 

Investment Objective

The iShares MSCI Qatar ETF (the “Fund”) seeks to track the investment results of an index composed of Qatar equities, as represented by the MSCI All Qatar Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years    

Since

Inception

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    (18.43 )%       (16.44 )%       6.47     0.14        (16.44 )%       36.82      1.27

Fund Market

    (18.75      (17.19      6.56       0.11          (17.19      37.42        1.01  

Index

    (18.87      (15.67      7.20       0.76                (15.67      41.59        6.94  

The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(09/01/22)

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      815.70          $       2.66         $       1,000.00        $     1,021.90          $       2.96          0.59

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    52.3

Industrials

    14.4  

Energy

    8.9  

Materials

    8.2  

Real Estate

    5.0  

Communication Services

    4.9  

Utilities

    3.5  

Consumer Staples

    2.0  

Health Care

    0.8  

 

  (a) 

Excludes money market funds.

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Qatar National Bank QPSC

    23.4

Qatar Islamic Bank SAQ

    12.1  

Industries Qatar QSC

    8.3  

Commercial Bank PSQC (The)

    4.5  

Masraf Al Rayan QSC

    4.4  

Mesaieed Petrochemical Holding Co.

    4.1  

Qatar Gas Transport Co. Ltd.

    4.0  

Qatar International Islamic Bank QSC

    3.8  

Qatar Fuel QSC

    3.7  

Qatar Electricity & Water Co. QSC

    3.5  

 

 

U N D    U M M A R Y

  11


Fund Summary as of February 28, 2023    iShares® MSCI Saudi Arabia ETF

 

Investment Objective

The iShares MSCI Saudi Arabia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Saudi Arabian equities, as represented by the MSCI Saudi Arabia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years    

Since

Inception

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    (17.34 )%       (19.46 )%       8.54     7.45        (19.46 )%       50.65      70.87

Fund Market

    (17.30      (20.71      8.54       7.39          (20.71      50.62        70.15  

Index

    (17.15      (18.43      9.30       8.27                (18.43      55.96        80.89  

The inception date of the Fund was September 16, 2015. The first day of secondary market trading was September 17, 2015.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            
     

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(09/01/22)

      


Ending

Account Value
(02/28/23)

 


 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      826.60          $       3.35         $       1,000.00        $     1,021.10          $       3.71          0.74

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    41.9

Materials

    22.6  

Energy

    8.1  

Communication Services

    7.6  

Health Care

    4.6  

Consumer Staples

    4.5  

Consumer Discretionary

    3.0  

Utilities

    3.0  

Real Estate

    2.2  

Industrials

    1.9  

Information Technology

    0.6  

 

  (a) 

Excludes money market funds.

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Al Rajhi Bank

    13.2

Saudi National Bank (The)

    9.9  

Saudi Basic Industries Corp.

    7.5  

Saudi Arabian Oil Co.

    7.1  

Saudi Telecom Co.

    4.5  

Saudi Arabian Mining Co.

    4.4  

Riyad Bank

    3.5  

Saudi British Bank (The)

    3.0  

Alinma Bank

    2.9  

SABIC Agri-Nutrients Co.

    2.4  

 

 

12  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of February 28, 2023    iShares® MSCI UAE ETF

 

Investment Objective

The iShares MSCI UAE ETF (the “Fund”) seeks to track the investment results of an index composed of UAE equities, as represented by the MSCI All UAE Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years    

Since

Inception

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    (9.20 )%       (14.24 )%       1.49     (2.11 )%         (14.24 )%       7.67      (17.20 )% 

Fund Market

    (10.04      (14.40      1.68       (2.10        (14.40      8.68        (17.10

Index

    (8.94      (13.35      2.41       (1.37              (13.35      12.64        (11.46

The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/22)

 

 

 

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(09/01/22)

      

Ending

Account Value

(02/28/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      908.00          $       2.79         $       1,000.00        $     1,021.90          $       2.96          0.59

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    40.1

Communication Services

    23.4  

Real Estate

    13.5  

Industrials

    12.7  

Consumer Discretionary

    5.1  

Utilities

    2.3  

Energy

    1.6  

Consumer Staples

    1.3  

Health Care

    0.0 (b)  

 

  (a) 

Excludes money market funds.

  (b) 

Rounds to less than 0.1%

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Emirates Telecommunications Group Co. PJSC

    21.6

First Abu Dhabi Bank PJSC

    15.1  

Emaar Properties PJSC

    7.6  

Abu Dhabi Islamic Bank PJSC

    4.7  

Emirates NBD Bank PJSC

    4.6  

Abu Dhabi National Oil Co. for Distribution PJSC

    4.5  

Dubai Islamic Bank PJSC

    4.5  

Abu Dhabi Commercial Bank PJSC

    4.3  

Multiply Group

    4.1  

Aldar Properties PJSC

    4.0  

 

 

U N D    U M M A R Y

  13


About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

14  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) 

February 28, 2023

  

iShares® MSCI Brazil Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

    
Aerospace & Defense — 4.6%  

Embraer SA(a)

    1,099,739      $ 3,484,833  
    

 

 

 
Auto Components — 0.5%  

Mahle-Metal Leve SA

    60,234        370,922  
    

 

 

 
Biotechnology — 0.4%  

Blau Farmaceutica SA(a)

    56,144        305,629  
    

 

 

 
Commercial Services & Supplies — 2.1%  

Ambipar Participacoes e Empreendimentos SA

    70,689        274,496  

GPS Participacoes e Empreendimentos SA(a)(b)

    419,187        944,791  

Orizon Valorizacao de Residuos SA(a)

    55,942        417,899  
    

 

 

 
       1,637,186  
Communications Equipment — 0.9%             

Intelbras SA Industria de Telecomunicacao Eletronica Brasileira

    128,162        693,509  
    

 

 

 
Diversified Consumer Services — 2.7%  

Anima Holding SA(a)

    473,984        288,802  

Cogna Educacao(a)

    2,936,534        1,133,007  

YDUQS Participacoes SA

    459,482        618,733  
    

 

 

 
       2,040,542  
Electric Utilities — 6.6%             

Alupar Investimento SA

    229,274        1,188,969  

EDP - Energias do Brasil SA

    409,236        1,534,405  

Light SA

    408,085        194,866  

Transmissora Alianca de Energia Eletrica SA

    320,485        2,172,500  
    

 

 

 
       5,090,740  
Food & Staples Retailing — 2.2%  

Cia. Brasileira de Distribuicao

    253,243        751,682  

Grupo Mateus SA(a)

    864,302        931,088  
    

 

 

 
       1,682,770  
Food Products — 10.4%  

BrasilAgro - Co. Brasileira de Propriedades Agricolas

    72,090        357,183  

BRF SA(a)

    1,016,320        1,195,796  

Camil Alimentos SA

    197,166        302,408  

Jalles Machado SA

    161,401        240,771  

M. Dias Branco SA

    132,618        850,354  

Marfrig Global Foods SA

    516,388        628,292  

Minerva SA

    427,628        925,427  

Sao Martinho SA

    249,282        1,295,107  

SLC Agricola SA

    182,651        1,718,900  

Tres Tentos Agroindustrial SA

    194,122        472,379  
    

 

 

 
       7,986,617  
Health Care Providers & Services — 5.0%  

Alliar Medicos A Frente SA(a)

    74,042        293,456  

CM Hospitalar SA

    156,705        527,094  

Fleury SA

    365,116        989,599  

Hospital Mater Dei SA

    149,568        242,259  

Instituto Hermes Pardini SA

    71,735        263,896  

Odontoprev SA

    444,771        980,366  

Oncoclinicas do Brasil Servicos Medicos SA(a)

    233,870        339,496  

Qualicorp Consultoria e Corretora de Seguros SA

    222,214        198,214  
    

 

 

 
           3,834,380  
Hotels, Restaurants & Leisure — 1.4%  

Smartfit Escola de Ginastica e Danca SA(a)

    366,943        1,088,469  
    

 

 

 
Household Durables — 4.3%  

Cury Construtora e Incorporadora SA

    205,528        494,638  
Security   Shares      Value  
Household Durables (continued)  

Cyrela Brazil Realty SA Empreendimentos e Participacoes

    469,141      $ 1,342,336  

Direcional Engenharia SA

    152,569        448,488  

Ez Tec Empreendimentos e Participacoes SA

    172,903        419,753  

MRV Engenharia e Participacoes SA

    491,509        553,898  
    

 

 

 
       3,259,113  
Independent Power and Renewable Electricity Producers — 3.5%         

AES Brasil Energia SA

    376,761        713,877  

Auren Energia SA

    391,203        1,105,885  

Omega Energia SA(a)

    487,228        858,974  
    

 

 

 
       2,678,736  
Insurance — 0.5%  

IRB Brasil Resseguros S/A(a)

    115,853        417,787  
    

 

 

 
IT Services — 3.1%  

Cielo SA

    1,913,086        1,753,968  

Locaweb Servicos de Internet SA(a)(b)

    695,375        649,492  
    

 

 

 
       2,403,460  
Machinery — 1.4%  

Iochpe Maxion SA

    216,488        466,019  

Tupy SA

    112,805        584,984  
    

 

 

 
       1,051,003  
Marine — 0.4%  

Hidrovias do Brasil SA(a)

    773,406        273,291  
    

 

 

 
Metals & Mining — 1.2%  

Bradespar SA

    53,982        257,256  

Cia. Brasileira de Aluminio

    233,092        463,918  

Metalurgica Gerdau SA

    85,699        183,824  
    

 

 

 
       904,998  
Oil, Gas & Consumable Fuels — 4.6%  

3R Petroleum Oleo E Gas SA(a)

    285,318        1,984,248  

Enauta Participacoes SA

    166,375        437,908  

Petroreconcavo SA

    206,305        1,115,173  
    

 

 

 
       3,537,329  
Paper & Forest Products — 1.0%  

Dexco SA

    589,428        734,048  
    

 

 

 
Professional Services — 0.6%  

Boa Vista Servicos SA

    333,131        482,951  
    

 

 

 
Real Estate Management & Development — 8.7%  

Aliansce Sonae Shopping Centers SA

    651,790        2,126,383  

BR Properties SA

    7,420        340,528  

Iguatemi SA

    336,465        1,242,275  

Iguatemi SA

    364,659        170,647  

JHSF Participacoes SA

    531,510        429,436  

LOG Commercial Properties e Participacoes SA

    71,937        202,121  

Multiplan Empreendimentos Imobiliarios SA

    442,204            2,125,944  
    

 

 

 
       6,637,334  
Road & Rail — 2.9%  

Movida Participacoes SA

    226,774        285,013  

SIMPAR SA

    524,780        719,694  

Vamos Locacao de Caminhoes Maquinas e Equipamentos SA

    481,366        1,221,011  
    

 

 

 
       2,225,718  
Specialty Retail — 2.1%  

Grupo SBF SA

    152,473        238,810  

Pet Center Comercio e Participacoes SA

    541,788        667,475  

 

 

C H E D U L E    O F    N V E S T  M E N T S

  15


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Brazil Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Specialty Retail (continued)

 

Via S/A(a)

    2,000,994     $ 737,648  
   

 

 

 
      1,643,933  
Technology Hardware, Storage & Peripherals — 0.2%  

Multilaser Industrial SA

    320,997       141,018  
   

 

 

 
Textiles, Apparel & Luxury Goods — 5.9%            

Arezzo Industria e Comercio SA

    103,452       1,474,089  

Grendene SA

    494,098       621,934  

Grupo De Moda Soma SA

    798,188       1,338,584  

Guararapes Confeccoes SA

    156,231       131,897  

Vivara Participacoes SA

    166,322       688,422  

Vulcabras Azaleia SA

    130,667       289,015  
   

 

 

 
      4,543,941  
Trading Companies & Distributors — 1.0%  

Armac Locacao Logistica E Servicos SA

    162,435       421,333  

Mills Estruturas e Servicos de Engenharia SA

    173,442       375,344  
   

 

 

 
      796,677  
Transportation Infrastructure — 2.8%            

EcoRodovias Infraestrutura e Logistica SA

    381,371       298,660  

Santos Brasil Participacoes SA

    810,872       1,240,597  

Wilson Sons Holdings Brasil SA, NVS

    308,518       602,251  
   

 

 

 
      2,141,508  
Water Utilities — 2.0%            

Cia. de Saneamento de Minas Gerais-COPASA

    297,512       808,072  

Cia. de Saneamento do Parana

    220,555       718,691  
   

 

 

 
      1,526,763  
   

 

 

 

Total Common Stocks — 83.0%
(Cost: $67,250,420)

      63,615,205  
   

 

 

 

Preferred Stocks

   
Aerospace & Defense — 0.4%            

Taurus Armas SA, Preference Shares, NVS

    112,595       313,346  
   

 

 

 
Airlines — 1.2%            

Azul SA, Preference Shares, NVS

    446,402       607,941  

Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS

    289,894       306,204  
   

 

 

 
      914,145  
Banks — 2.0%            

Banco ABC Brasil SA, Preference Shares, NVS

    132,201       458,308  

Banco do Estado do Rio Grande do Sul SA, Class B,

   

Preference Shares, NVS

    316,931       604,750  

Banco Pan SA, Preference Shares, NVS

    507,603       498,349  
   

 

 

 
      1,561,407  
Chemicals — 1.5%            

Unipar Carbocloro SA, Class B, Preference Shares, NVS

    76,660       1,161,003  
   

 

 

 
Security   Shares     Value  
Electric Utilities — 0.2%            

Cia Energetica do Ceara, Class A, Preference Shares, NVS

    22,105     $ 192,109  
   

 

 

 
Machinery — 1.2%            

Marcopolo SA, Preference Shares, NVS

    757,703       457,333  

Randon SA Implementos e Participacoes, Preference Shares, NVS

    283,063       430,370  
   

 

 

 
      887,703  
Metals & Mining — 8.1%            

Bradespar SA, Preference Shares, NVS

    399,202       2,109,069  

Cia Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS

    55,282       606,624  

Metalurgica Gerdau SA, Preference Shares, NVS

    1,046,435       2,514,426  

Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS

    728,559       950,455  
   

 

 

 
      6,180,574  
Textiles, Apparel & Luxury Goods — 0.8%            

Alpargatas SA, Preference Shares, NVS

    349,436       629,398  
   

 

 

 
Water Utilities — 0.6%            

Cia de Saneamento do Parana, Preference Shares, NVS

    694,282       452,206  
   

 

 

 

Total Preferred Stocks — 16.0%
(Cost: $12,492,964)

      12,291,891  
   

 

 

 

Total Long-Term Investments — 99.0%
(Cost: $79,743,384)

      75,907,096  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.1%            

BlackRock Cash Funds: Treasury,
SL Agency Shares, 4.41%(c)(d)

    50,000       50,000  
   

 

 

 

Total Short-Term Securities — 0.1%
(Cost: $50,000)

      50,000  
   

 

 

 

Total Investments — 99.1%
(Cost: $79,793,384)

      75,957,096  

Other Assets Less Liabilities — 0.9%

      692,015  
   

 

 

 

Net Assets — 100.0%

    $ 76,649,111  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

 

 

16  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Brazil Small-Cap ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer

  

Value at

08/31/22

    

Purchases

at Cost

    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

02/28/23

    

Shares

Held at

02/28/23

    

Income

    

Capital

Gain

Distributions

from

Underlying

Funds

 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 40,000      $ 10,000 (a)     $      $      $      $ 50,000        50,000      $ 2,515      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description

  

Number of

Contracts

      

Expiration

Date

      

Notional

Amount

(000)

 

Value/

Unrealized

Appreciation

(Depreciation)

 

Long Contracts

              

MSCI Brazil Index

     14          03/17/23        $ 651   $ (27,011
              

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

     

Commodity

Contracts

      

Credit

Contracts

      

Equity

Contracts

 

Foreign

Currency

Exchange

Contracts

      

Interest

Rate

Contracts

 

Other

Contracts

      

Total

 

Liabilities — Derivative Financial Instruments

                          

Futures contracts

                          

Unrealized depreciation on futures contracts(a)

   $        $        $ 27,011   $        $ —   $        $ 27,011  
  

 

 

      

 

 

      

 

 

 

 

      

 

 

 

 

      

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

     

Commodity

Contracts

      

Credit

Contracts

      

Equity

Contracts

 

Foreign

Currency

Exchange

Contracts

      

Interest

Rate

Contracts

 

Other

Contracts

      

Total

 

Net Realized Gain (Loss) from

                          

Futures contracts

   $        $        $ 40,131   $        $ —   $        $ 40,131  
  

 

 

      

 

 

      

 

 

 

 

      

 

 

 

 

      

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                          

Futures contracts

   $        $        $(54,066)   $        $ —   $        $ (54,066
  

 

 

      

 

 

      

 

 

 

 

      

 

 

 

 

      

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts

        

Average notional value of contracts — long

   $ 765,363  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.    

 

 

C H E D U L E    O F    N V E S T  M E N T S

  17


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Brazil Small-Cap ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

   $ 62,901,328        $ 713,877        $        $ 63,615,205  

Preferred Stocks

     12,291,891                            12,291,891  

Short-Term Securities

                 

Money Market Funds

     50,000                            50,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 75,243,219        $ 713,877        $        $ 75,957,096  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $ (27,011      $        $        $ (27,011
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

18  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) 

February 28, 2023

  

iShares® MSCI China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 0.1%            

AECC Aero-Engine Control Co. Ltd., Class A

    74,800     $ 272,234  

AECC Aviation Power Co. Ltd., Class A

    694,476       4,583,859  

AviChina Industry & Technology Co. Ltd., Class H

    11,061,000       5,273,728  

Kuang-Chi Technologies Co. Ltd., Class A

    607,600       1,529,663  
   

 

 

 
      11,659,484  
Air Freight & Logistics — 0.7%            

SF Holding Co. Ltd., Class A

    1,215,283       9,411,117  

YTO Express Group Co. Ltd., Class A

    868,000       2,267,280  

Yunda Holding Co. Ltd., Class A

    868,557       1,592,751  

ZTO Express Cayman Inc., ADR

    1,713,317       41,222,407  
   

 

 

 
      54,493,555  
Airlines — 0.2%            

Air China Ltd., Class A(a)

    1,736,014       2,774,749  

Air China Ltd., Class H(a)

    6,966,000       6,422,879  

China Eastern Airlines Corp. Ltd., Class A(a)

    3,472,096       2,713,196  

China Southern Airlines Co. Ltd., Class A(a)

    3,385,234       3,847,681  

China Southern Airlines Co. Ltd.,
Class H(a)(b)

    6,966,000       5,079,372  
   

 

 

 
      20,837,877  
Auto Components — 0.4%            

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A

    86,895       1,886,369  

Fuyao Glass Industry Group Co. Ltd., Class A

    434,098       2,316,353  

Fuyao Glass Industry Group Co. Ltd., Class H(c)

    2,430,400       10,891,461  

Huayu Automotive Systems Co. Ltd., Class A

    954,872       2,597,820  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    174,100       2,852,404  

Minth Group Ltd.

    3,472,000       9,022,311  

Ningbo Tuopu Group Co. Ltd., Class A

    260,400       2,507,701  

Sailun Group Co. Ltd., Class A

    768,361       1,228,904  

Shandong Linglong Tyre Co. Ltd., Class A

    434,028       1,407,177  

Shenzhen Kedali Industry Co. Ltd., Class A

    86,800       1,527,874  
   

 

 

 
      36,238,374  
Automobiles — 3.8%            

BYD Co. Ltd., Class A

    448,969       16,797,580  

BYD Co. Ltd., Class H

    3,306,000       88,879,286  

Chongqing Changan Automobile Co. Ltd., Class A

    2,182,620       4,206,728  

Dongfeng Motor Group Co. Ltd., Class H

    9,374,000       4,788,868  

Geely Automobile Holdings Ltd.

    24,336,000       31,616,784  

Great Wall Motor Co. Ltd., Class A

    520,800       2,583,820  

Great Wall Motor Co. Ltd., Class H

    12,175,500       16,157,593  

Guangzhou Automobile Group Co. Ltd., Class A

    1,128,400       1,862,610  

Guangzhou Automobile Group Co. Ltd., Class H

    11,728,400       7,478,316  

Li Auto Inc.(a)

    4,586,280       54,114,250  

NIO Inc., ADR(a)(b)

    5,558,977       52,198,794  

SAIC Motor Corp. Ltd., Class A

    2,256,804       4,879,827  

XPeng Inc.(a)(b)

    3,758,472       16,706,580  

Yadea Group Holdings Ltd.(c)

    5,208,000       11,177,370  
   

 

 

 
      313,448,406  
Banks — 9.6%            

Agricultural Bank of China Ltd., Class A

    21,092,400       8,891,573  

Agricultural Bank of China Ltd., Class H

    115,937,000       40,195,033  

Bank of Beijing Co. Ltd., Class A

    5,215,799       3,249,336  

Bank of Chengdu Co. Ltd., Class A

    1,215,293       2,513,441  

Bank of China Ltd., Class A

    8,853,600       4,115,001  

Bank of China Ltd., Class H

    320,310,000       117,474,245  

Bank of Communications Co. Ltd., Class A

    9,680,722       6,825,274  

Bank of Communications Co. Ltd., Class H

    34,754,200       20,548,696  

Bank of Hangzhou Co. Ltd., Class A

    1,822,828       3,182,887  
Security   Shares     Value  
Banks (continued)            

Bank of Jiangsu Co. Ltd., Class A

    3,985,215     $ 4,123,018  

Bank of Nanjing Co. Ltd., Class A

    3,088,804       4,404,392  

Bank of Ningbo Co. Ltd., Class A

    1,616,502       6,859,952  

Bank of Shanghai Co. Ltd., Class A

    4,340,010       3,734,239  

China CITIC Bank Corp. Ltd., Class H

    35,589,800       16,465,898  

China Construction Bank Corp., Class A

    2,129,514       1,728,378  

China Construction Bank Corp., Class H

    388,918,000       237,736,793  

China Everbright Bank Co. Ltd., Class A

    11,631,200       4,987,158  

China Everbright Bank Co. Ltd., Class H

    8,763,000       2,523,500  

China Merchants Bank Co. Ltd., Class A

    5,121,225       27,507,064  

China Merchants Bank Co. Ltd., Class H

    15,639,150       84,865,859  

China Minsheng Banking Corp. Ltd., Class A

    9,461,270       4,641,918  

China Minsheng Banking Corp. Ltd., Class H

    22,214,160       7,671,747  

China Zheshang Bank Co. Ltd., Class A(a)

    4,985,900       2,095,052  

Chongqing Rural Commercial Bank Co. Ltd., Class A

    829,000       431,812  

Huaxia Bank Co. Ltd., Class A

    4,340,061       3,259,653  

Industrial & Commercial Bank of China Ltd., Class A

    15,276,800       9,450,997  

Industrial & Commercial Bank of China Ltd., Class H

    227,575,000       113,551,210  

Industrial Bank Co. Ltd., Class A

    5,068,210       12,329,253  

Ping An Bank Co. Ltd., Class A

    4,693,655       9,291,188  

Postal Savings Bank of China Co. Ltd., Class A

    7,030,800       4,573,265  

Postal Savings Bank of China Co. Ltd., Class H(c)

    31,270,000       18,787,094  

Shanghai Pudong Development Bank Co. Ltd., Class A

    7,378,024       7,621,766  

Shanghai Rural Commercial Bank Co. Ltd.

    2,305,700       1,967,112  
   

 

 

 
      797,603,804  
Beverages — 3.4%            

Anhui Gujing Distillery Co. Ltd., Class A

    97,596       3,838,850  

Anhui Gujing Distillery Co. Ltd., Class B

    434,380       7,467,013  

Anhui Kouzi Distillery Co. Ltd., Class A

    145,200       1,439,496  

Anhui Yingjia Distillery Co. Ltd., Class A

    150,000       1,514,213  

Beijing Yanjing Brewery Co. Ltd., Class A

    682,100       1,323,990  

China Resources Beer Holdings Co. Ltd.

    6,598,000       48,812,474  

Chongqing Brewery Co. Ltd., Class A

    173,600       3,435,194  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

    347,203       3,203,492  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    347,276       8,479,827  

JiuGui Liquor Co. Ltd., Class A

    87,400       1,907,301  

Kweichow Moutai Co. Ltd., Class A

    306,655       80,105,364  

Luzhou Laojiao Co. Ltd., Class A

    367,700       13,202,501  

Nongfu Spring Co. Ltd., Class H(b)(c)

    7,095,800       39,829,891  

Shanghai Bairun Investment Holding Group Co. Ltd., Class A

    294,997       1,780,674  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    295,286       12,020,193  

Sichuan Swellfun Co. Ltd., Class A

    108,552       1,293,137  

Tsingtao Brewery Co. Ltd., Class A

    173,663       2,786,063  

Tsingtao Brewery Co. Ltd., Class H

    2,396,000       23,647,985  

Wuliangye Yibin Co. Ltd., Class A

    958,077       28,115,354  
   

 

 

 
      284,203,012  
Biotechnology — 1.5%            

3SBio Inc.(c)

    5,941,000       5,891,335  

Akeso Inc.(a)(c)

    1,865,000       9,503,911  

BeiGene Ltd.(a)

    2,527,534       43,810,543  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

    114,475       2,089,718  

BGI Genomics Co. Ltd., Class A

    173,699       1,390,354  

Bloomage Biotechnology Corp. Ltd.

    68,688       1,253,942  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    434,040       5,593,468  

Hualan Biological Engineering Inc., Class A

    475,872       1,517,862  

Imeik Technology Development Co. Ltd., Class A

    49,944       4,222,282  

Innovent Biologics Inc.(a)(c)

    4,051,500       19,704,979  

 

 

C H E D U L E    O F    N V E S T  M E N T S

  19


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

Legend Biotech Corp., ADR(a)(b)

    199,714     $ 9,222,793  

Shanghai Junshi Biosciences Co. Ltd., Class A(a)

    173,600       1,319,471  

Shanghai RAAS Blood Products Co. Ltd., Class A

    2,343,600       2,090,739  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

    273,188       1,362,345  

Walvax Biotechnology Co. Ltd., Class A

    434,097       2,386,083  

Zai Lab Ltd., ADR(a)(b)

    357,616       13,285,434  
   

 

 

 
      124,645,259  
Building Products — 0.1%            

Beijing New Building Materials PLC, Class A

    520,870       2,251,841  

China Lesso Group Holdings Ltd.

    4,351,000       4,589,368  

Guangdong Kinlong Hardware Products Co. Ltd., Class A

    87,400       1,207,568  

Zhejiang Weixing New Building Materials Co. Ltd., Class A

    222,100       820,669  

Zhuzhou Kibing Group Co. Ltd., Class A

    694,400       1,093,431  
   

 

 

 
      9,962,877  
Capital Markets — 1.7%            

Caitong Securities Co. Ltd., Class A

    242,400       268,769  

Changjiang Securities Co. Ltd., Class A

    2,517,236       2,047,074  

China Cinda Asset Management Co. Ltd., Class H

    36,235,000       4,709,585  

China Galaxy Securities Co. Ltd., Class A

    1,235,800       1,710,043  

China Galaxy Securities Co. Ltd., Class H

    12,177,000       6,069,516  

China International Capital Corp. Ltd., Class A

    348,002       2,097,943  

China International Capital Corp. Ltd., Class H(c)

    5,696,400       12,264,771  

China Merchants Securities Co. Ltd., Class A

    1,996,468       4,016,196  

CITIC Securities Co. Ltd., Class A

    2,952,631       8,771,307  

CITIC Securities Co. Ltd., Class H

    7,870,800       16,674,443  

CSC Financial Co. Ltd., Class A

    1,215,299       4,681,401  

Dongxing Securities Co. Ltd., Class A

    1,215,211       1,502,024  

East Money Information Co. Ltd., Class A

    3,223,876       9,679,805  

Everbright Securities Co. Ltd., Class A

    1,041,699       2,343,857  

First Capital Securities Co. Ltd., Class A

    1,388,889       1,195,299  

GF Securities Co. Ltd., Class A

    1,507,399       3,534,629  

GF Securities Co. Ltd., Class H

    4,175,000       5,927,712  

Guosen Securities Co. Ltd., Class A

    2,083,233       2,892,091  

Guotai Junan Securities Co. Ltd., Class A

    2,135,759       4,390,214  

Guoyuan Securities Co. Ltd., Class A

    1,539,070       1,558,721  

Haitong Securities Co. Ltd., Class A

    2,517,259       3,313,084  

Haitong Securities Co. Ltd., Class H

    10,416,000       6,703,227  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    118,587       2,016,620  

Huatai Securities Co. Ltd., Class A

    2,343,693       4,248,477  

Huatai Securities Co. Ltd., Class H(c)

    4,938,600       5,559,319  

Huaxi Securities Co. Ltd., Class A

    1,302,073       1,546,839  

Industrial Securities Co. Ltd., Class A

    2,619,792       2,423,157  

Orient Securities Co. Ltd., Class A

    2,137,321       3,136,425  

SDIC Capital Co. Ltd., Class A

    814,600       825,167  

Sealand Securities Co. Ltd., Class A

    2,690,837       1,349,682  

Shanxi Securities Co. Ltd., Class A

    1,441,341       1,201,149  

Shenwan Hongyuan Group Co. Ltd., Class A

    7,162,179       4,344,644  

SooChow Securities Co. Ltd., Class A

    1,773,435       1,795,931  

Western Securities Co. Ltd., Class A

    1,996,430       1,902,048  

Zheshang Securities Co. Ltd., Class A

    1,128,400       1,674,928  

Zhongtai Securities Co. Ltd.

    1,388,800       1,391,928  
   

 

 

 
      139,768,025  
Chemicals — 1.3%            

Chengxin Lithium Group Co. Ltd., Class A

    260,400       1,420,240  

CNGR Advanced Material Co. Ltd.

    86,776       876,879  

Do-Fluoride New Materials Co. Ltd., Class A

    260,400       1,365,438  
Security   Shares     Value  
Chemicals (continued)            

Dongyue Group Ltd.(b)

    5,701,000     $ 6,456,307  

Ganfeng Lithium Co. Ltd., Class H(b)(c)

    1,499,800       10,476,541  

Ganfeng Lithium Group Co. Ltd., Class A

    392,541       4,083,747  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    521,600       3,369,653  

Hangzhou Oxygen Plant Group Co. Ltd., Class A

    260,400       1,459,784  

Hengli Petrochemical Co. Ltd., Class A

    1,649,210       4,189,557  

Hengyi Petrochemical Co. Ltd., Class A

    1,562,476       1,824,238  

Hoshine Silicon Industry Co. Ltd., Class A

    173,600       2,447,676  

Huafon Chemical Co. Ltd., Class A

    1,518,000       1,780,584  

Hubei Xingfa Chemicals Group Co. Ltd., Class A

    347,200       1,753,333  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

    2,830,170       1,799,922  

Inner Mongolia Yuan Xing Energy Co. Ltd., Class A

    1,041,600       1,414,181  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    1,130,100       2,521,398  

Jiangsu Yangnong Chemical Co. Ltd., Class A

    74,800       1,155,304  

LB Group Co. Ltd., Class A

    694,400       2,185,892  

Ningbo Shanshan Co. Ltd.

    749,791       1,928,286  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    1,864,700       4,240,020  

Qinghai Salt Lake Industry Co. Ltd., Class A(a)

    1,215,200       4,329,010  

Rongsheng Petrochemical Co. Ltd., Class A

    2,691,292       5,233,373  

Satellite Chemical Co. Ltd., Class A

    938,043       2,346,198  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    694,400       3,609,284  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    347,200       2,509,961  

Shenzhen Capchem Technology Co. Ltd., Class A

    222,720       1,486,362  

Shenzhen Dynanonic Co. Ltd.

    13,200       429,260  

Shenzhen Senior Technology Co. Ltd., Class A

    316,997       967,460  

Sichuan Yahua Industrial Group Co. Ltd., Class A

    158,600       558,246  

Sinoma Science & Technology Co. Ltd., Class A

    520,800       1,723,928  

Skshu Paint Co. Ltd., Class A(a)

    104,200       1,834,997  

SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A

    173,600       1,433,264  

Tianqi Lithium Corp., Class A(a)

    347,200       4,087,529  

Tongkun Group Co. Ltd., Class A

    781,264       1,837,639  

Wanhua Chemical Group Co. Ltd., Class A

    781,273       11,723,906  

Weihai Guangwei Composites Co. Ltd., Class A

    173,600       1,663,118  

Yunnan Energy New Material Co. Ltd., Class A

    224,404       4,049,906  

Yunnan Yuntianhua Co. Ltd.(a)

    260,400       909,217  

Zangge Mining Co. Ltd.

    260,400       1,044,456  

Zhejiang Juhua Co. Ltd., Class A

    607,572       1,646,269  

Zhejiang Yongtai Technology Co. Ltd., Class A

    260,400       870,130  
   

 

 

 
      111,042,493  
Commercial Services & Supplies — 0.1%            

China Everbright Environment Group Ltd.

    14,756,148       5,984,603  

Shanghai M&G Stationery Inc., Class A

    260,400       2,029,847  

Zhejiang Weiming Environment Protection Co. Ltd., Class A

    161,600       456,089  
   

 

 

 
      8,470,539  
Communications Equipment — 0.3%            

BYD Electronic International Co. Ltd.

    2,610,500       7,611,942  

Guangzhou Haige Communications Group Inc. Co., Class A

    1,388,884       1,902,989  

Hengtong Optic-Electric Co. Ltd., Class A

    248,400       526,276  

Yealink Network Technology Corp. Ltd., Class A

    203,094       1,946,180  

Zhongji Innolight Co. Ltd., Class A

    260,477       1,328,704  

ZTE Corp., Class A

    984,064       4,557,632  

ZTE Corp., Class H

    3,124,840       9,284,236  
   

 

 

 
      27,157,959  

 

 

20  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Construction & Engineering — 0.8%

 

China Communications Services Corp. Ltd., Class H

    10,176,800     $ 3,956,690  

China Conch Venture Holdings Ltd.

    6,524,500       13,130,400  

China Energy Engineering Corp. Ltd.

    7,424,200       2,542,325  

China National Chemical Engineering Co. Ltd., Class A

    1,736,095       2,252,930  

China Railway Group Ltd., Class A

    4,342,098       3,774,457  

China Railway Group Ltd., Class H

    17,973,000       9,367,286  

China State Construction Engineering Corp. Ltd., Class A

    10,416,038       8,425,925  

China State Construction International Holdings Ltd.

    8,680,000       9,885,364  

Metallurgical Corp. of China Ltd., Class A

    5,989,200       2,939,260  

Power Construction Corp. of China Ltd., Class A

    4,253,297       4,394,223  

Sichuan Road & Bridge Co. Ltd., Class A

    1,128,400       2,063,234  
   

 

 

 
      62,732,094  
Construction Materials — 0.5%            

Anhui Conch Cement Co. Ltd., Class A

    1,160,191       5,122,622  

Anhui Conch Cement Co. Ltd., Class H

    4,774,000       17,526,843  

China Jushi Co. Ltd., Class A

    1,302,005       2,838,631  

China National Building Material Co. Ltd., Class H

    15,624,000       13,852,597  

China Resources Cement Holdings Ltd.(b)

    10,416,000       5,604,638  
   

 

 

 
      44,945,331  
Consumer Finance — 0.2%            

360 DigiTech Inc.(b)

    440,734       8,973,344  

Lufax Holding Ltd., ADR

    2,758,594       5,958,563  
   

 

 

 
      14,931,907  
Distributors — 0.0%            

Wuchan Zhongda Group Co. Ltd., Class A

    1,649,203       1,160,190  
   

 

 

 
Diversified Consumer Services — 0.6%            

Koolearn Technology Holding Ltd.(a)(b)(c)

    1,610,000       9,168,800  

New Oriental Education & Technology Group Inc.(a)

    6,249,690       24,100,546  

Offcn Education Technology Co. Ltd., Class A(a)

    1,492,500       1,226,239  

TAL Education Group, ADR(a)

    1,821,367       12,804,210  
   

 

 

 
      47,299,795  
Diversified Financial Services — 0.1%            

AVIC Industry-Finance Holdings Co. Ltd., Class A

    3,031,482       1,897,599  

Far East Horizon Ltd.(b)

    6,532,000       5,778,018  
   

 

 

 
      7,675,617  
Diversified Telecommunication Services — 0.2%  

China Tower Corp. Ltd., Class H(c)

    178,844,000       19,368,941  
   

 

 

 
Electrical Equipment — 1.1%            

Beijing Easpring Material Technology Co. Ltd., Class A

    124,000       1,063,710  

Contemporary Amperex Technology Co. Ltd., Class A

    595,622       34,509,392  

Dongfang Electric Corp. Ltd., Class A

    781,200       2,216,909  

Eve Energy Co. Ltd., Class A

    529,236       5,524,702  

Fangda Carbon New Material Co. Ltd., Class A(a)

    1,388,847       1,336,775  

Ginlong Technologies Co. Ltd., Class A(a)

    118,400       2,699,823  

Gotion High-tech Co. Ltd., Class A

    471,892       2,003,181  

Hongfa Technology Co. Ltd., Class A

    326,791       1,647,792  

Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS

    20,126       1,124,743  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    868,000       2,005,216  

Jiangxi Special Electric Motor Co. Ltd., NVS(a)

    335,200       861,249  

Ming Yang Smart Energy Group Ltd., Class A

    518,452       1,893,730  

NARI Technology Co. Ltd., Class A

    1,765,012       6,668,029  

Ningbo Orient Wires & Cables Co. Ltd.

    236,731       1,873,442  

Ningbo Ronbay New Energy Technology Co. Ltd.

    110,180       1,142,827  

Pylon Technologies Co. Ltd., NVS

    22,142       854,297  

Shanghai Electric Group Co. Ltd., Class A(a)

    3,211,600       1,935,307  

Sungrow Power Supply Co. Ltd., Class A

    370,600       6,362,874  
Security   Shares     Value  

Electrical Equipment (continued)

 

Sunwoda Electronic Co. Ltd., Class A

    520,808     $ 1,616,874  

Suzhou Maxwell Technologies Co. Ltd., Class A

    35,592       1,877,051  

TBEA Co. Ltd., Class A

    1,128,457       3,500,560  

Titan Wind Energy Suzhou Co. Ltd., Class A

    434,000       955,256  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

    783,320       1,279,133  

Zhejiang Chint Electrics Co. Ltd., Class A

    607,621       2,622,834  
   

 

 

 
      87,575,706  
Electronic Equipment, Instruments & Components — 1.3%  

AAC Technologies Holdings Inc.(a)

    3,038,000       6,789,759  

Avary Holding Shenzhen Co. Ltd., Class A

    476,600       1,947,822  

BOE Technology Group Co. Ltd., Class A

    9,808,400       5,877,734  

Chaozhou Three-Circle Group Co. Ltd., Class A

    574,977       2,631,907  

China Zhenhua Group Science & Technology Co. Ltd., Class A

    142,700       2,132,987  

Foxconn Industrial Internet Co. Ltd., Class A

    2,343,686       3,237,641  

GoerTek Inc., Class A

    868,000       2,686,794  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

    173,619       1,715,143  

Hengdian Group DMEGC Magnetics Co. Ltd.

    393,700       1,232,676  

Kingboard Holdings Ltd.

    2,613,000       9,328,760  

Kingboard Laminates Holdings Ltd.

    4,287,000       5,346,168  

Lens Technology Co. Ltd., Class A

    1,388,842       2,543,507  

Lingyi iTech Guangdong Co., Class A(a)

    2,343,813       1,930,330  

Luxshare Precision Industry Co. Ltd., Class A

    1,823,041       7,834,997  

Maxscend Microelectronics Co. Ltd., Class A

    133,852       2,254,009  

Raytron Technology Co. Ltd., Class A

    70,314       467,795  

Shengyi Technology Co. Ltd., Class A

    781,200       2,037,551  

Shennan Circuits Co. Ltd., Class A

    104,424       1,198,145  

Sunny Optical Technology Group Co. Ltd.

    2,865,500       32,585,969  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

    434,000       1,819,148  

Tianma Microelectronics Co. Ltd., Class A

    1,041,636       1,432,897  

Unisplendour Corp. Ltd., Class A

    731,527       2,669,421  

Westone Information Industry Inc., Class A

    229,500       1,033,714  

Wingtech Technology Co. Ltd., Class A

    347,200       2,689,465  

Wuhan Guide Infrared Co. Ltd., Class A

    982,557       1,684,041  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    868,018       2,045,877  

Xiamen Faratronic Co. Ltd.

    74,800       1,639,049  

Zhejiang Dahua Technology Co. Ltd., Class A

    958,000       1,994,873  

Zhejiang Supcon Technology Co. Ltd.

    82,616       1,164,442  
   

 

 

 
      111,952,621  
Energy Equipment & Services — 0.1%            

China Oilfield Services Ltd., Class H

    7,160,000       7,640,380  

Offshore Oil Engineering Co. Ltd., Class A

    1,336,198       1,309,742  

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

    260,492       1,156,096  
   

 

 

 
      10,106,218  
Entertainment — 2.4%            

37 Interactive Entertainment Network Technology

   

Group Co. Ltd., Class A

    694,400       2,190,776  

Beijing Enlight Media Co. Ltd., Class A

    902,100       985,273  

Bilibili Inc.(a)

    735,365       14,233,194  

China Ruyi Holdings Ltd.(a)(b)

    19,752,000       4,908,787  

iQIYI Inc., ADR(a)(b)

    1,759,332       13,599,636  

Kingsoft Corp. Ltd.

    3,821,400       12,616,798  

Mango Excellent Media Co. Ltd., Class A

    520,880       2,508,808  

NetEase Inc.

    7,994,660       124,240,587  

Perfect World Co. Ltd., Class A

    628,000       1,284,446  

Tencent Music Entertainment Group, ADR(a)

    2,887,186       21,769,382  

 

 

C H E D U L E    O F    N V E S T  M E N T S

  21


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Entertainment (continued)            

Zhejiang Century Huatong Group Co. Ltd., Class A(a)

    2,430,498     $ 1,536,468  
   

 

 

 
      199,874,155  
Food & Staples Retailing — 0.0%            

DaShenLin Pharmaceutical Group Co. Ltd., Class A

    288,889       1,605,469  

Yifeng Pharmacy Chain Co. Ltd., Class A

    270,380       2,352,610  
   

 

 

 
      3,958,079  
Food Products — 1.9%            

Angel Yeast Co. Ltd., Class A

    260,411       1,515,260  

Anjoy Foods Group Co. Ltd., Class A

    87,400       2,058,605  

Beijing Dabeinong Technology Group Co. Ltd., Class A(a)

    1,388,800       1,645,442  

China Feihe Ltd.(c)

    13,050,000       10,459,675  

China Mengniu Dairy Co. Ltd.

    12,551,000       55,245,367  

Chongqing Fuling Zhacai Group Co. Ltd., Class A

    260,423       958,556  

Dali Foods Group Co. Ltd.(b)(c)

    9,384,500       3,795,734  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    937,121       11,087,794  

Guangdong Haid Group Co. Ltd., Class A

    468,097       4,275,914  

Henan Shuanghui Investment & Development Co. Ltd., Class A

    875,708       3,334,033  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

    1,475,623       6,470,242  

Juewei Food Co. Ltd., Class A

    156,085       1,177,244  

Muyuan Foods Co. Ltd., Class A

    1,357,868       9,665,493  

New Hope Liuhe Co. Ltd., Class A(a)

    1,302,099       2,470,347  

Tingyi Cayman Islands Holding Corp.(b)

    8,680,000       14,023,246  

Uni-President China Holdings Ltd.

    5,970,000       5,234,374  

Want Want China Holdings Ltd.

    19,097,000       12,014,140  

Wens Foodstuffs Group Co. Ltd., Class A

    1,736,016       4,937,859  

Yihai International Holding Ltd.

    1,933,000       5,627,414  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    312,977       2,069,321  
   

 

 

 
      158,066,060  
Gas Utilities — 1.2%            

Beijing Enterprises Holdings Ltd.

    2,170,000       7,108,207  

China Gas Holdings Ltd.

    11,645,600       16,284,805  

China Resources Gas Group Ltd.

    3,744,800       15,801,837  

ENN Energy Holdings Ltd.

    3,213,800       45,750,841  

ENN Natural Gas Co. Ltd., Class A

    571,800       1,588,420  

Kunlun Energy Co. Ltd.

    15,646,000       12,536,270  
   

 

 

 
      99,070,380  
Health Care Equipment & Supplies — 0.6%            

Autobio Diagnostics Co. Ltd., Class A

    141,900       1,434,344  

Jafron Biomedical Co. Ltd., Class A

    260,420       1,213,525  

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A

    366,300       1,660,794  

Lepu Medical Technology Beijing Co. Ltd., Class A

    492,351       1,662,056  

Microport Scientific Corp.(a)(b)

    2,665,300       7,561,556